Construction consists of large number of manpower and large investments of money. It is associated with the high amount of risk of money and the lives of workers involved in working with the dangerous equipments, heavy toxic materials, under tunnel, etc.
Construction business insurance provides security to the business by a wide range of coverages used in case of unpredicted events. This insurance policy is specifically designed to cover every aspect of construction process in a more flexible manner. It covers the four major and common areas of business insurance. They are:
Public Liability Insurance: This liability insurance protects the construction business in case of an injury or property damage of a third party or the member of the public caused by the workers or the tools used in the construction business.
Employers Liability Insurance: At the construction site, any worker can get injured or may die at any point of time, due to the use of dangerous faulty equipment or due to the negligence of supervisors or the co-workers. Moreover, workers compensation is also included as any worker or employee can sue the business owner and claim for the compensation. By purchasing this liability insurance, the business owner can get the medical costs from the insurance company and also the compensation associated with the claims.
Contractors All Risks Policy: It is a comprehensive insurance which provides complete protection against all types of construction costs. It is mainly customized for construction business where it provides assistance for contract works, theft and damage to the materials or tools due to the unexpected events, sudden stoppage of on-going works, etc. This insurance protects and act as a perfect tool for most commonly incurred accidents in the construction process.
Personal accident insurance is also included in the construction business insurance, designed for the business partners, managers, etc., for the injury caused to them at the construction site and provides the financial assistance as they cannot get income.